The partnership dissolves under section 42 of Indian partnership Act, the assets and liabilities are divided among the partners equal.
The dissolution of a partnership firm refers to the termination of all contractual relationships among partners. It implies that the working of a partnership firm is stopped and the assets are realised to pay the various kind of liabilities. However, there is a demarcation between the dissolution of a partnership firm and the dissolution of partnership. Dissolution of partnerships refers to the termination of the partnership relationship of one partner with other partners and the firm whereas the dissolution of partnership means the end of the partnership business. If an existing partner dies, retires or is unable to pay the debt then other partners can purchase the share of the outgoing partner and continue the business under the same name.
However, dissolution of partnership firm is triggered when some predefined conditions as per the Partnership Act of 1932 are met such as:
Dissolution by Agreement
Dissolution by Notice
Dissolution by the Court
Give legal notice to your partner to make an dissolution agreement and divide asset and liability.
if he reply or divide doesn't file a suit in civil court for dissolution of the firm.